Bangladesh: 3 SOEs deposit Tk 69.56cr dividend to govt

Dhaka, August 15, 2014 (New Age): Three state-owned enterprises have handed over dividend in together of Tk 69.56 crore to the national exchequer for the fiscal year 2012-13. Investment Corporation of Bangladesh, Infrastructure Development Company Limited and Bangladesh Development Bank Limited on Thursday handed over cheques for the money to the finance minister separately at his ministry office. The ICB handed over a cheque for over Tk 45.56 crore for the fiscal year 2012-13. ICB director, Kazi Shofiqul Azam, who is also ERD additional secretary, and ICB managing director M Faequzzaman handed over the cheque for Tk 45,56,25,000 as dividend to Muhith on behalf of the ICB board of directors at a simple ceremony. The ICB in its 37th AGM had declared cash dividend of Tk 40 for per share for the fiscal year 2012-13. The government got Tk 45,56,25,000 as dividend for holding 1,13,90,625 ICB shares. Besides, Infrastructure Development Company Limited handed over a cheque for Tk 14 crore to the government as dividend for the fiscal year 2012-13. ERD secretary and IDCOL chairman Mohammad Mejbahuddin handed over the cheque. He informed that the company’s performance was even better in FY14 as the company has generated total revenue of Tk 384 crore including net profit after tax and provision of Tk 145 crore. IDCOL finances large and medium infrastructure projects as well as renewable energy technologies, especially solar home systems, solar irrigation pump, solar mini-grid, bio gas plants and improved cook stoves programmes. Bangladesh Development Bank Limited handed over a cheque for Tk 10 crore as dividend to the government for the FY13. BDBL chairman Shanti Narayan Ghosh and managing director M Zillur Rahman handed over the cheque for the dividend to Muhith at a simple ceremony at the same venue. In the FY13, the BDBL made a net profit of Tk 102.01 crore while the total capital of the company stood at Tk 1,193.43 crore on December 31, 2013. The bank has now no deficit of capital and provision, according to the bank sources. Speaking on the occasions, finance minister AMA Muhith stressed the need for diversification of foreign direct investment in the country as he thinks that foreign investment in the country now only concentrates in two sectors — power and communication. ‘There is a need for diversification to this end,’ he added. He said more foreign investment in the manufacturing sector is needed considering the country’s domestic market. Muhith opined that the country’s economy is gradually becoming sophisticated and the sophisticated sectors should get more investment. Talking about the allegations that government institutions often incur losses rather do business, the finance minister said earning profit and providing dividends by IDCOL and two others companies today showed that the government institutions could also do business and earn profit. Finance Division secretary Mahbub Ahmed, Bank and Financial Institution Division secretary M Aslam Alam, ICB director Zillur Rahman, IDCOL chief executive officer Mahmood Malik, the board of directors of the BDBL and high officials of ministry and concern organisations were present, among others, on the occasions.